Archive for December, 2012

GIBRALTAR’S fast-growing reputation as a leading online payments jurisdiction was further endorsed this month with the founding of the Gibraltar Electronic Money Association (GEMA).

Members of an already thriving online payments business community in Gibraltar have formed the association to champion Gibraltar as the location of choice for global Payment Service Providers (PSPs), wishing to benefit from Gibraltar’s unique position within Europe.

GEMA members offer consumers (B2C) and/or businesses (B2B) the ability to load prepaid cards and accounts (such as electronic wallets) to carry out a wide range of transactions (online and physical).

In addition, the relatively new e-money and alternative payments industry offers a wide variety of focused solutions to meet growing government, business and consumer demand.

Key representatives from existing local businesses included: Wave Crest Group (www.wavecrest.gi) , IDT Financial Services (www.idtfinance.com), Transact (www.transactnetwork.com), Payoneer EU (www.payoneereu.com) and Ramparts (www.ramparts.eu). GEMA are adopting a collaborative approach to further their common goals and to help solve issues within the industry. GEMA also hopes to work more effectively alongside the Government’s regulatory body – the Financial Services Commission (FSC).

Marcus Killick stated “The FSC is supportive of the electronic money industry and is working closely with the industry for an efficient regulatory environment which complements the innovative approach of this sector.”

Already home to a thriving centre of commerce, Gibraltar is starting to be seen by many other global PSPs based in the US, UK and Asia, as a gateway to trade within the European marketplace.

Peter Howitt, Secretary of GEMA and Director of Ramparts, stated that “GEMA represents an exciting landmark in the development of Gibraltar as a respected and supportive business environment for payment innovators.”

Daniel Spier, GEMA Chairman and Managing Director of IDT Financial Services said “I am delighted to be one of the founding members of GEMA and believe that the collaborative approach of all the members will not just benefit the members of GEMA but also Gibraltar as a jurisdiction active within our industry.”